Tree falls on Tractor will Homeowners insurance cover it?

[Gordon Gould]

In my lifes experiences insurance is a hard game to win. They always find a way to get their money back. I know that I am a cynic. But it took a long time to make me this way.

 

[rekees4300]

In my lifes experiences insurance is a hard game to win.

It is indeed a game just like Las Vegas. They are betting nothing bad will happen and you are betting it will. And, just like Vegas, the odds/rules favor them.

 

[Gary Fowler]

LBrown59
Super Star Member


Join Date: Oct 2004
Location: First organized permanent settlement in the northwest territory
Posts: 15,571 Re: Tree falls on Tractor will Homeowners insurance cover it?

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Quote:
Originally Posted by amaxwell
Sorry to see that! Hope your homeowners covers it,BUT when I inquired about my tractor being covered by my homeowners, my agent assured me it wasn't. I had to have a "marine inland " separate policy for the tractor, which I purchased. Since the tractor is new I couldn't afford to take that kind of loss.
amaxwell

If the OP has a loan on the tractor it's insured cause banks won't loan on uninsured items.

Banks will loan and not automatically put on insurance, but they will verify that you have proper coverage to protect their investment. DONT assume that you have insurance coverage just because the loan agency did not advise you, you could be out for the loan amount and be missing a tractor if you dont have proper coverage. Agri-credit didnt place any issurance on my tractor or include it in the note, but they did advise me that my homeowner policy (additional rider for $20K) was not sufficient and would need some additional coverage. After checking around, Agri-Credit had the cheapest insurance so I went with them for the full loan amount and still decided to keep my HO policy rider for he $20K to cover my other tractor and equipment.

 

[WVBill]

I would ask the question. "will this increase my premiums?" and how much before I filed. May not be worth it.

Uh-uh - it's too late. If you even inquire about whether some event is covered or not the insurance company can raise your rates or even cancel your policy.

Now, if you have a local agent, you might get away with asking one-on-one - but if you "call headquarters" they have a record of it.

 

[RayCo]

My guess $6669.13

:laughing: :thumbsup:

 

[Diamondpilot]

Why turn it int to homeowners?

I consider my homeowners to be a catastrophic damage replacement. If i loose my 50,000 or 100K or 150K worth of home/property to fire/tornado etc.

My deductible is like 2K. whats yours? you guessed at 2500-4500 repair cost...

Why put a claim in for something as small as even 5K when you could end up being dropped the next year and or having your rate significantly increase. you end up paying the insurance company back in 3-5 years due to rate increases which never go away.

Theres a saying along the lines of

The hardest lessons to learn in life never come cheep.

Very good point. I had been with State Farm since 1989 and had 4 claims. One was on a accident I had around 1995 when me and another person backed into each other leaving a movie theater. It was called no fault and my insurance payed for his vans damage and his insurance paid for my Toyota trucks damage. About $1500 damage to each.

My next claim was in 2001 when my new F-150 got hit in Lowes parking lot by a board a guy had sticking out of the back of his truck. I was not in the parked vehicle but another customer saw it happen. The guy driving left and I turned it in to my insurance company. About $1200 damage.

My first homeowners claim came in 2002. I came home and smelled a smoke smell. My home had a lightning strike. Well, not the house but it came in though the power feed. I lost 3 TV's, a computer, DVD player, all my phones, and a few other small items. It was a $3000 claim.

2 years ago Hurricane Ike came though hear blowing 80+ mph and took off 1/2 of my roof. The estimate was $4800 to replace it.

The following month I got dropped by State Farm but they offered to keep both my boats and my 4 vehicles insured. Ya, thats happening. I left and went to AAA for everything.

The moral of the story is one claim was my fault. I backed into the guy at the movies. The other 3 were not my fault. A hit and run and 2 acts of god doing damage and they drop me. Thats in a 21 year span. I never missed a payment and actually pay a year at a time to get a price break but they drop me, a good customer. Crazy.

Chris

 

[Diamondpilot]

Uh-uh - it's too late. If you even inquire about whether some event is covered or not the insurance company can raise your rates or even cancel your policy.

Now, if you have a local agent, you might get away with asking one-on-one - but if you "call headquarters" they have a record of it.

You are correct. They open a case as soon as you call, even if you dont collect a dime.

Chris

 

[rjkobbeman]

Why turn it int to homeowners?

I consider my homeowners to be a catastrophic damage replacement. If i loose my 50,000 or 100K or 150K worth of home/property to fire/tornado etc.

My deductible is like 2K. whats yours? you guessed at 2500-4500 repair cost...

Why put a claim in for something as small as even 5K when you could end up being dropped the next year and or having your rate significantly increase. you end up paying the insurance company back in 3-5 years due to rate increases which never go away.

Theres a saying along the lines of

The hardest lessons to learn in life never come cheep.

I couldn't agree more. I know people who claim stuff on homeowners at the drop of a hat. Two of my old neighbors (I moved last year) made claims on their roofs because of minor hail damage. They basically wanted free roofs. I think their bills were around $4k minus a deductible. For that kind of money, I wont risk my future home owners insurance -- either higher rates or not being insurable. I would think these claims will eventually catch up.

 

[rekees4300]

The following month I got dropped by State Farm but they offered to keep both my boats and my 4 vehicles insured. Ya, thats happening. I left and went to AAA for everything.

I was a home/auto customer of State farm for decades. Last year their homeowners premium went up 18%! I called them and ask why. Their answer "The home office sets the premiums and there is nothing we can do". There was something I could do, took my business elsewhere.

 

[powerstroke444e]

The reason to have an agent you can trust is to get a trusted opinion before you turn it in to the company. All most all companies will report a call in were you have adjuster look. They report to the clue or some system like that.

If you have reported but no pay out claims they can change your rates or ask you to go somewere else. The reason is it looks like you will turn in a claim its just simple math to them.